Chan Corporation adopts revaluation accounting for its equipment that is used in operation of the business. The equipment was purchased on January 1, 2019 for $620,000. It has 5-year useful life with $20,000 residual value. The company has the following information related to the equipment. Assume that the estimated useful life and residual value do not change during the periods and the company uses straight-line method of depreciation. Round all answers to the nearest dollar. Date Fair Value January 3, 2019 $620,000 December 31, 2019 440,000 December 31, 2020 400,000 December 31, 2021 240,000 Based on IFRS, Chan Corporation transfers from AOCI to Retained Earnings or from Retained Earnings to AOCI the difference between depreciation based on the revalued carrying amount of the equipment and depreciation based on the asset’s original cost. Instructions: Prepare the journal entries for Chan Corporation for the following transactions.(round your answer to the nearest dollars) a. Purchase of equipment on 1-1-2019. b. Adjusting entries related to the equipment on 12-31-2019. c. Adjusting entries related to the equipment on 12-31-2020. d. Adjusting entries related to the equipment on 12-31-2021

Player Company acquired 70 percent ownership of Scout Company’s voting shares on January 1, 20X2. During 20X5, Player purchased inventory for $29,000 and sold the full amount to Scout Company for $39,000. On December 31, 20X5, Scout’s ending inventory included $7,800 of items purchased from Player. Also in 20X5, Scout purchased inventory for $52,000 and sold the units to Player for $82,000. Player included $20,500 of its purchase from Scout in ending inventory on December 31, 20X5. Summary income statement data for the two companies revealed the following: Player Company Scout Company Sales $ 360,750 $ 210,000 Income from Scout 48,750 $ 409,500 $ 210,000 Cost of Goods Sold $ 233,000 $ 105,000 Other Expenses 65,000 25,000 Total Expenses $ (298,000 ) $ (130,000 ) Net Income $ 111,500 $ 80,000

Required:

a. Compute the amount to be reported as sales in the 20X5 consolidated income statement.

b. Compute the amount to be reported as cost of goods sold in the 20X5 consolidated income statement.

c. What amount of income will be assigned to the noncontrolling shareholders in the 20X5 consolidated income statement?

d. What amount of income will be assigned to the controlling interest in the 20X5 consolidated income statement?

On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company, at a cost of $169,200. Ship's net assets on the date of acquisition were 700,000 kroner (NKr). On January 1, 20X5, the book and fair values of the Norwegian subsidiary's identifiable assets and liabilities approximated their fair values except for property, plant, and equipment and patents acquired. The fair value of Ship's property, plant, and equipment exceeded its book value by $18,000. The remaining useful life of Ship's equipment at January 1, 20X5, was 10 years. The remainder of the differential was attributable to a patent having an estimated useful life of 5 years. Ship's trial balance on December 31, 20X5, in kroner, follows:

Additional Information:

1. Ship uses the FIFO method for its inventory. The beginning inventory was acquired on December 31, 20X4, and ending inventory was acquired on December 15, 20X5. Purchases of NKr430,000 were made evenly throughout 20X5.
2. Ship acquired all of its property, plant, and equipment on July 1, 20X3, and uses straight-line depreciation.
3. Ship’s sales were made evenly throughout 20X5, and its operating expenses were incurred evenly throughout 20X5.
4. The dividends were declared and paid on July 1, 20X5.
5. Pirate's income from its own operations was $231,000 for 20X5, and its total stockholders' equity on January 1, 20X5, was $3,600,000. Pirate declared $140,000 of dividends during 20X5.
6. Exchange rates were as follows:

Assume the U.S. dollar is the functional currency, not the krone.

a. Prepare a schedule remeasuring the trial balance from Norwegian kroner into U.S. dollars.

b. Assume that Pirate uses the fully adjusted equity method. Record all journal entries that relate to its investment in the Norwegian subsidiary during 20X5. Provide the necessary documentation and support for the amounts in the journal entries.

c. Prepare a schedule that determines Pirate's consolidated net income for 20X5

d. Compute Pirate's total consolidated stockholders' equity at December 31, 20X5

On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company, at a cost of $162,000. Ship’s net assets on the date of acquisition were 700,000 kroner (NKr). On January 1, 20X5, the book and fair values of the Norwegian subsidiary’s identifiable assets and liabilities approximated their fair values except for property, plant, and equipment and patents acquired. The fair value of Ship’s property, plant, and equipment exceeded its book value by $18,000. The remaining useful life of Ship’s equipment at January 1, 20X5, was 10 years. The remainder of the differential was attributable to a patent having an estimated useful life of 5 years. Ship’s trial balance on December 31, 20X5, in kroner, follows:

Additional Information:

Ship uses the FIFO method for its inventory. The beginning inventory was acquired on December 31, 20X4, and ending inventory was acquired on December 15, 20X5. Purchases of NKr430,000 were made evenly throughout 20X5.

Ship acquired all of its property, plant, and equipment on July 1, 20X3, and uses straight-line depreciation.

Ship’s sales were made evenly throughout 20X5, and its operating expenses were incurred evenly throughout 20X5.

The dividends were declared and paid on July 1, 20X5.

Pirate’s income from its own operations was $246,000 for 20X5, and its total stockholders’ equity on January 1, 20X5, was $3,500,000. Pirate declared $180,000 of dividends during 20X5.

Exchange rates were as follows:

Required:
a. Prepare a schedule translating the trial balance from Norwegian kroner into U.S. dollars. Assume the krone is the functional currency. (If no adjustment is needed, select 'no entry necessary'.)

b. Assume that Pirate uses the fully adjusted equity method. Record all journal entries that relate to its investment in the Norwegian subsidiary during 20X5. Provide the necessary documentation and support for the amounts in the journal entries, including a schedule of the translation adjustment related to the differential.?

c. Prepare a schedule that determines Pirate’s consolidated comprehensive income for 20X5.

d. Compute Pirate’s total consolidated stockholders’ equity at December 31, 20X5.

Caroline and Mia are alumni of Fulton-Dash University and Mia promises to give $2,000 to the university for scholarships in 6 months. Caroline tells Fulton-Dash University that she will give the university $100,000 if the novel she is in the process of writing makes it on to the Amazon Best Seller List.

Evaluate the two donations to determine if:

a) the donation is conditional or unconditional

b) a promise to give exists

c) what type of restriction, if any, was placed on the donation.

5. If you have the chance to meet the new Vice Chancellor of the University of Namibia, what advice (strategies) will you give him, that could enable university to compete on an international stage with institutions of higher learning.   5. If you have the chance to meet the new Vice Chancellor of the University of Namibia, what advice (strategies) will you give him, that could enable university to compete on an international stage with institutions of higher learning.

Hops Co. purchased a copyright from Wall Co. for $40,000 on July 1, 2017. Expenditures of $17,000 for unsuccessful litigation in defense of the copyright were paid on July 1, 2020. Hops estimated that the useful life of the copyright will be 20 years from the date of acquisition.

What is the 2020 amortization expense?

Write 3 paragraphs for reflection and should be do the following:

1. In first paragraph, Summarize the article (attached below). (Don't plagiarism from article. Please use your own words to summarize)
2. In second paragraph, Connect the article with one of those
"Archaeological methods" or "Early farming and the rise of cities" or "Archaeological record – the material artifacts and environmental evidence". Be specific about the connections you make.
3. In third paragraph, Include your own reflection on what you’ve read/learned. What do you think about it?

Article Here: "First evidence of farming in Mideast 23,000 years ago"
Until now, researchers believed farming was "invented" some 12,000 years ago in the Cradle of Civilization -- Iraq, the Levant, parts of Turkey and Iran -- an area that was home to some of the earliest known human civilizations. A new discovery by an international collaboration of researchers from Tel Aviv University, Harvard University, Bar-Ilan University, and the University of Haifa offers the first evidence that trial plant cultivation began far earlier -- some 23,000 years ago. The study focuses on the discovery of the first weed species at the site of a sedentary human camp on the shore of the Sea of Galilee. It was published in PLOS ONE and led by Prof. Ehud Weiss of Bar-Ilan University in collaboration with Prof. Marcelo Sternberg of the Department of Molecular Biology and Ecology of Plants at TAU's Faculty of Life Sciences and Prof. Ofer Bar-Yosef of Harvard University, among other colleagues. "While full-scale agriculture did not develop until much later, our study shows that trial cultivation began far earlier than previously believed, and gives us reason to rethink our ancestors' capabilities," said Prof. Sternberg. "Those early ancestors were more clever and more skilled than we knew."

Evidence among the weeds

Although weeds are considered a threat or nuisance in farming, their presence at the site of the Ohalo II people's camp revealed the earliest signs of trial plant cultivation -- some 11 millennia earlier than conventional ideas about the onset of agriculture. The plant material was found at the site of the Ohalo II people, who were fisher hunter-gatherers and established a sedentary human camp. The site was unusually well preserved, having been charred, covered by lake sediment, and sealed in low-oxygen conditions -- ideal for the preservation of plant material. The researchers examined the weed species for morphological signs of domestic-type cereals and harvesting tools, although their very presence is evidence itself of early farming. "This uniquely preserved site is one of the best archaeological examples worldwide of the hunter-gatherers' way of life," said Prof. Sternberg. "It was possible to recover an extensive amount of information on the site and its inhabitants". "Because weeds thrive in cultivated fields and disturbed soils, a significant presence of weeds in archaeobotanical assemblages retrieved from Neolithic sites and settlements of later age is widely considered an indicator of systematic cultivation," according to the study.

Early gatherers

The site bears the remains of six shelters and a particularly rich assemblage of plants. Upon retrieving and examining approximately 150,000 plant specimens, the researchers determined that early humans there had gathered over 140 species of plants. These included 13 known weeds mixed with edible cereals, such as wild emmer, wild barley, and wild oats. The researchers found a grinding slab -- a stone tool with which cereal starch granules were extracted -- as well as a distribution of seeds around this tool, reflecting that the cereal grains were processed for consumption. The large number of cereals showing specific kinds of scars on their seeds indicate the likelihood of those cereals growing in fields, and the presence of sickle blades indicates that these humans deliberately planned the harvest of cereal. The new study offers evidence that early humans clearly functioned with a basic knowledge of agriculture and, perhaps more importantly, exhibited foresight and extensive agricultural planning far earlier than previously believed.

Company: Facebook

•What are the key challenges for this company now (in 2020)?

•Why do you think they are the key challenges?

•Please make sure you consider the pandemic and the challenges it poses.

LIST AT LEAST 5 KEY CHALLENGES

The Pew Research Center conducted a poll from April 29-May 5, 2020. I’ve rounded some numbers to make the math easier, but the results are basically the same as what they got. There were 10,000 US adults in the sample, and they asked them if they were Democrat/Lean Democrat or Republican/Lean Republican. They also asked them to fill in the blank in the following sentence: “There should be ____ restrictions on public activity because of the outbreak in my area." Possible choices for the blank were: More, About the same as now, or Fewer. Out of the 10,000 respondents, 4200 said they were Republican/Lean Republican, and 5800 said Democrat/Lean Democrat. Out of the Republicans, 16% favored more restrictions, 40% same, 44% less. For the Democrats, 35% said more, 57% same, and 8% less. You can assume the data come from a simple random sample with no bias of any kind. Do a hypothesis test (using the full outline form) to see if political party affiliation and opinion about restrictions are independent.